Wipro chairman Azim Premji has invested about Rs 2.30 billion in order
to acquire a 10% equity stake in discount retail chain Subhiksha
Trading Services.

The recent deal was done through Premji’s personal investment company, Zash Investments Ltd.

The stake has been acquired from ICICI Ventures, a private equity arm of ICICI Bank, at a huge premium.

After this transaction, Subhikha’s promoters will hold 59% stake in
Chennai-based retailer, accompanied by ICICI Ventures’, which have 23%a
and Mutual funds control 5%.

The employees have 3% stake through stock option route.

Premji’s stake buy in food and grocery retailer Subhiksha follows his
decision in April to acquire a 2% stake in Koutons Retail for approx Rs
20 crore. Earlier, he purchased over 3% stake in a Bangalore-based
textiles-related company, Himatsingka Ltd.

Mr. Premji also holds an equity stake of 1.51% in another retail major Shoppers` Stop.

In June, Subhiksha purchased a 40% stake in Blue Green Constructions
and Investments, a Chennai-based listed company for Rs 2 crore.

Moreover, Subhiksha has also decided to merge Blue Green with itself and the coalesced entity will be named ‘Subhiksha Ltd.’

At 12:49 am, shares of Wipro stood at Rs 428, down 4.5%, on the Bombay Stock Exchange (BSE).